Care Capital Properties (CCP) has reported 47.44 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $19.01 million, or $0.23 a share in the quarter, compared with $36.17 million, or $0.43 a share for the same period last year. Revenue during the quarter grew 6.04 percent to $87.29 million from $82.32 million in the previous year period.
Total expenses were $70.19 million for the quarter, up 52.73 percent or $24.23 million from year-ago period. Operating margin for the quarter contracted 2458 basis points over the previous year period to 19.59 percent.
Operating income for the quarter was $17.10 million, compared with $36.36 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $79 million.
Revenue from real estate activities during the quarter increased 4.96 percent or $4.04 million to $85.40 million.
Income from operating leases during the quarter went up marginally by 2.27 percent or $1.83 million to $82.43 million.
Revenue from other real estate activities during the quarter was $2.97 million, up 287.22 percent or $2.20 million from year-ago period.
Other income during the quarter was $1.89 million, up 98.22 percent or $0.94 million from year-ago period.
"We are pleased to raise our 2016 guidance again as our performance continues to exceed our original expectations," stated CCP chief executive officer Raymond J. Lewis. "We are executing effectively on all of our strategic priorities, including the pursuit of value-enhancing acquisitions, as well as selective dispositions and transitions to optimize our portfolio. With our permanent capital structure in place and the conclusion of the transition services agreement with Ventas, our dedicated team is keenly focused on driving results for our stakeholders."
Operating cash flow declinesCare Capital Properties has generated cash of $188.92 million from operating activities during the nine month period, down 8.31 percent or $17.13 million, when compared with the last year period. Cash flow from investing activities was $55.60 million for the nine month period as against cash outgo of $498.51 million in the last year period.
The company has spent $239.03 million cash to carry out financing activities during the nine month period as against cash inflow of $300.48 million in the last year period.
Cash and cash equivalents stood at $22.48 million as on Sep. 30, 2016, up 115.21 percent or $12.03 million from $10.44 million on Sep. 30, 2015.
Receivables remain almost stable
Net receivables stood at $65.68 million as on Sep. 30, 2016.
Investments stood at $22.42 million as on Sep. 30, 2016, down 17.63 percent or $4.80 million from year-ago.
Total assets declined 5.79 percent or $172.11 million to $2,799.16 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,643.60 million as on Sep. 30, 2016, down 5.37 percent or $93.36 million from year-ago.
Return on assets moved down 59 basis points to 0.60 percent in the quarter. At the same time, return on equity moved down 128 basis points to 1.65 percent in the quarter.
Debt comes down
Total debt was at $1,439.47 million as on Sep. 30, 2016, down 5.20 percent or $78.96 million from year-ago. Shareholders equity stood at $1,155.56 million as on Sep. 30, 2016, down 6.38 percent or $78.75 million from year-ago. As a result, debt to equity ratio went up 2 basis points to 1.25 percent in the quarter.
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